Glossary

A Zone

The A zone is a high-risk flood zone. Property owners in A zones (A, AE, AO) will likely be required to purchase flood insurance.

Base Flood Elevation (BFE)

BFE is a number that is used to determine rates for a full-risk rate flood insurance policy. This is done by comparing the elevation of the lowest occupied floor of a home to its BFE. An elevation certificate is required to make this calculation. On a map, it may read: AE13, which means the structure is in the AE flood zone with a BFE of 13. BFEs are measured from mean sea level, not from the ground.

Biggert-Waters 2012

Congress passed Biggert-Waters in 2012 to transition the NFIP to a financially sustainable program after flooding disasters, particularly Hurricanes Katrina and Rita which left the program with over $25 billion in debt. Biggert-Waters increased rates substantially for updated flood insurance policies and for homeowners whose properties were remapped into a higher risk zone. Many of the Biggert-Waters price increases were repealed or modified by the Homeowner Flood Insurance Affordability Act of 2013.

Elevation Certificate

The Elevation Certificate is an important tool in determining your flood risk and flood insurance premium in high-risk areas (shown as zones beginning with “A” or “V” on a flood map). It provides important information such as the location of the building, its Lowest Floor Elevation, building characteristics, and the flood zone. If your building was constructed (or substantially damaged or improved) on or after November 16, 1983 and is in a high-risk area, an Elevation Certificate will be required for an insurance agent to determine your flood insurance premium. If you have an older home, an Elevation Certificate is not required, but may be useful in determining a lower premium, if not now, then in the future. An Elevation Certificate does not expire and can be passed on to the next building owner.

Federal Emergency Management Agency (FEMA)

FEMA is the federal agency that responds to disasters in the US. FEMA administers the National Flood Insurance Program.

Flood Insurance Rate Maps (FIRMs)

The official flood rate map for a community. The FIRM maps out flood risk and outlines the flood zones.

Floodplain

All of the flood-prone land area shown in a FIRM. Coastal Flooding (areas near the coast at risk to flood) and Riverine Flooding (areas near streams and rivers at risk to flood) are the most common types of flooding in New York. The 100-year flood plain is the area with a 1% chance of flooding in any given year. The 500-year flood plain is the area with a 0.2% chance of flooding in any given year.

Flood Zone

A geographic area characterized by its risk of flooding. For example, high-risk flood zones have a 1% chance of being flooded each year. The National Flood Insurance Program (NFIP) has five zones: VE zones, A zones, AE zones, AO zones, and X zones.

HFIAA (Homeowner Flood Insurance Affordability Act)

The HFIAA reversed some of the changes to the National Flood Insurance Program made under Biggert Waters. It repealed the price increase trigger for new policies; it repealed the price increase trigger for homes upon their sale; it repealed the price increase trigger for homes that were remapped into a higher risk flood zone; and it limited rate increases to 18% a year for all policies.

High-Risk Flood Zone

In high-risk flood zones, there is a 1% chance of flooding every year, meaning there is at least a 1 in 4 chance of flooding over the course of a 30-year mortgage. High-risk flood zones start with either the letter A or V. Home and business owners in high-risk flood zones with a mortgage are generally

Medium-Risk Flood Zone

In medium-risk flood zones, there is a 0.2% chance of flooding every year. In New York City, the X zone is our only medium-risk flood zone. Homeowners in the medium-risk flood zone are not required to purchase flood insurance unless they have received federal disaster assistance in the past.

National Flood Insurance Program (NFIP)

The NFIP is the federal program that provides nearly all flood insurance in the US. It is administered by the Federal Emergency Management Agency (FEMA).

Post-FIRM

Property that was built after a community adopted its Flood Insurance Rate Map (FIRM). New York City adopted its first FIRM in 1983, so all buildings built after 1983 are known as "post-FIRM."

Pre-FIRM

Property that was built before a community adopted its Flood Insurance Rate Map (FIRM). New York City adopted its first FIRM in 1983, so all buildings built prior to 1983 are known as "pre-FIRM."

Special Flood Hazard Area (SFHA)

SFHA is another term used to describe high-risk flood zones. In an SFHA, there is a 1% chance of flooding every year, meaning there is at least a 1 in 4 chance of flooding during a 30-year mortgage. Zones in the SFHA start with either the letter A or V (VE, A, AE, & VO). Home and business owners in high-risk flood zones with a mortgage are required to purchase flood insurance.

V Zone

The V zone is a high-risk flood zone. The "V" stands for "velocity" because this zone can face damage from waves as well as from flooding. Property owners in V zones will likely be required to purchase flood insurance.

X Zone

The X zone is a moderate risk flood zone. Property owners in X Zone are not required to purchase flood insurance, unless they have received federal disaster assistance in the past.